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Offline luckybit

[Suggestion] Coin translation
« on: August 29, 2014, 04:16:04 AM »

Coin translation

We need to enable the possibility of someone to send BitUSD to any coin address. Bitcoin, Litecoin, Dogecoin, etc.
  • Coin translation between cryptocurrency A (BitUSD) and cryptocurrency B (Bitcoin) allows us to spend BitUSD everywhere almost immediately.
  • Enhances the user experience almost immediately.
So as a user of Bitshares you could send BitUSD to a Bitcoin address, and the service translates BitUSD to BTC in the background. This in my opinion could enhance the power of BitUSD and allow us to spend our BitUSD anywhere where Bitcoin is accepted.

This might be possible with Ripple or with something else. Any ideas on how to do this?
« Last Edit: August 29, 2014, 04:21:15 AM by luckybit »
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Offline toast

Re: [Suggestion] Coin translation
« Reply #1 on: August 29, 2014, 04:19:43 AM »
You can send to a btc address and redeem the amount sent in btsx or bitusd by importing their btc wallet into btsx

Sent from my SCH-I535 using Tapatalk

Do not use this post as information for making any important decisions. The only agreements I ever make are informal and non-binding. Take the same precautions as when dealing with a compromised account, scammer, sockpuppet, etc.

Offline luckybit

Re: [Suggestion] Coin translation
« Reply #2 on: August 29, 2014, 04:23:54 AM »
You can send to a btc address and redeem the amount sent in btsx or bitusd by importing their btc wallet into btsx

Sent from my SCH-I535 using Tapatalk
Maybe I described it wrong. Although your solution is pretty cool and has use cases as well.

Suppose you have Bitshares X but the merchant doesn't accept BitUSD. The merchant only accepts Bitcoin. If there was coin translation then you could send BitUSD or any of your BitAssets and it would translate in the background to be compatible with the blockchain of the receiver address.

So you send your BitUSD to Dell and in the background it becomes Bitcoin then goes to BitPay before finally becoming fiat. Everyone wins and all the action takes place behind the scenes.

I know this is technically possible and I know it's a killer app which would make BitUSD an overnight success. BitUSD wouldn't have to match the acceptance rate of Bitcoin or even compete with it.

I suppose the first technical change I would make to make it possible would be to let Bitshares send to any altcoin address type from the client, and to design things in a way so that extensions could allow developers to add new features. Finally maybe a way to translate the value from BitUSD to Bitcoin behind the scenes but I don't know how to do it other than to know it's possible.

Example:
https://www.youtube.com/watch?v=xUYPuzdIGxk
http://www.vericoin.info/
« Last Edit: August 29, 2014, 04:41:53 AM by luckybit »
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Offline xeroc

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Re: [Suggestion] Coin translation
« Reply #3 on: August 29, 2014, 06:55:14 AM »
Give BitShares a try! Use the http://testnet.bitshares.eu provided by http://bitshares.eu powered by ChainSquad GmbH

Offline luckybit

Re: [Suggestion] Coin translation
« Reply #4 on: August 29, 2014, 07:01:00 AM »
might be releated:
https://bitsharestalk.org/index.php?topic=7827.0

Not quite. Although that is a useful feature.

You're describing features which require that Alice and Bob both have Bitshares X. It doesn't help me buy a laptop from Dell who doesn't even hold Bitcoins yet they accept them.

If we want people to accept BitUSD in any form they want it then they might select to receive Bitcoin. Something like BitPay is going to be necessary to transparently convert currencies behind the scenes.

A software solution will not completely solve it although it can facilitate it. We need an auto exchanger which could be software that delegates run to translate or convert between currencies. Delegates could take a fee for this.
« Last Edit: August 29, 2014, 07:02:35 AM by luckybit »
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